Magna Mining Continues to Intersect High Grade Massive Sulphide Within the Core of the 109 Footwall Zone, Including 2.5% Ni, 9.6% Cu, and 17.4 g/t Pt+Pd+Au over 6.8 Metres

Rhea-AI Summary

Magna Mining Inc. announces promising drilling results from the 2024 exploration program at Crean Hill, showcasing high-grade core mineralization in the 109 Footwall Zone. The company also highlights the filing of the Crean Hill Closure Plan and the signing of the Definitive Offtake Agreement. Magna is well-positioned for further exploration and development activities in 2024.

Sudbury, Ontario--(Newsfile Corp. - April 3, 2024) - Magna Mining Inc. (TSX.V: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to provide additional drilling results from the 2024 exploration program at Crean Hill, targeting the near surface advanced exploration area of the 109 Footwall (FW) Zone. Recent drilling is designed to define the high-grade core of the 109 FW Zone.

Highlights from the new assay results include:

• 109 FW Zone

MCR-24-068: 0.7% Ni, 2.4 % Cu, 9.7 g/t Pt + Pd + Au over 26.3 metres

Including 3.2% Ni, 11.3 % Cu, 10.6 g/t Pt + Pd + Au over 4.4 metres

MCR-24-069: 0.3% Ni, 0.3 % Cu, 10.7 g/t Pt + Pd + Au over 28.5 metres

Including 0.9% Ni, 0.3 % Cu, 25.3 g/t Pt + Pd + Au over 7.8 metres

MCR-24-070: 1.6% Ni, 5.2 % Cu, 10.0 g/t Pt + Pd + Au over 17.1 metres

Including 2.5% Ni, 9.6 % Cu, 17.4 g/t Pt + Pd + Au over 6.8 metres

Dave King, SVP Technical Services stated, "Drilling at Crean Hill has continued to define the high grade, massive sulphide core of the 109 FW Zone, as well as the broader envelope of low sulphide, high precious metal mineralization. Massive sulphide veins continue to demonstrate good continuity, with drillhole intersections grading up to 2.5% Ni, 9.6% Cu and 17.4 g/t Pt + Pd +Au over 6.8 metres, and wider, precious metal intervals up to 0.3% Ni, 0.3 % Cu, 10.7 g/t Pt + Pd + Au over 28.5 metres (Figure 1 and 2). The next phase of near surface drilling on the 109 FW Zone, is designed to extend the strike of the current mineral resource to the south, where historical channel samples indicate low sulphide precious metal mineralization continues within the Sudbury Breccia unit (Figure 1)."

In March 2024, Magna announced the filing of the Crean Hill Closure Plan (see news release) and the signing of the Definitive Offtake Agreement (see news release). As the Company awaits the approval of the final permit required for underground advanced exploration (the Permit to Take Water), these assay results are being incorporated into the design of the test mining program. Due to the relatively shallow depths (approximately 75-125 metres from surface), the drill intersection areas announced in this news release could be incorporated into a test mining plan and executed within 18 months of commencement of the program.

In addition to the 109 FW drilling, one rig continues to complete footwall exploration drilling at Crean Hill. Prospective structures and lithologies including Sudbury Breccia units containing sulphides have been intersected. Several geophysical conductive anomalies have been identified and exploration drilling continues. A summary of Crean Hill assay results is presented in Table 1 and drillhole collars are presented in Table 2.

Table 1: Summary of Crean Hill Assay Results

Drillhole	Zone		From (m)	To (m)	Length (m)	Ni %	Cu %	Co %	Pt g/t	Pd g/t	Au g/t	TPM g/t	NiEq
MCR-24-068	109 FW		94.0	120.3	26.3	0.72	2.39	0.01	6.36	1.88	1.48	9.72	3.24
		Including	104.6	113.7	9.1	1.84	6.32	0.03	12.58	2.76	2.20	17.54	7.13
		Including	108.6	113.0	4.4	3.22	11.33	0.05	7.60	2.40	0.61	10.61	9.64
MCR-24-069	109 FW		119.5	148.0	28.5	0.33	0.26	0.01	6.58	2.66	1.50	10.74	2.16
		Including	119.5	127.3	7.8	0.90	0.25	0.02	16.26	6.23	2.77	25.26	4.98
		and	134.5	138.0	3.5	0.18	0.48	0.01	9.63	4.12	3.14	16.88	3.13
MCR-24-070	109 FW		106.0	107.0	1.0	0.17	0.32	0.02	28.26	3.99	3.20	35.45	5.27
		and	127.7	144.8	17.1	1.63	5.19	0.04	4.70	4.08	1.22	10.00	5.63
		Including	128.2	135.0	6.8	2.54	9.60	0.06	8.35	7.61	1.47	17.44	9.74
			139.0	142.6	3.6	1.83	5.78	0.04	2.17	2.64	0.92	5.73	5.38
MCR-24-071	109 FW		115.0	124.0	9.0	0.07	0.18	0.00	1.89	1.18	0.71	3.78	0.79
		and	128.0	131.0	3.0	0.05	0.16	0.00	2.39	2.43	1.69	6.50	1.32
MCR-24-072	109 FW		121.0	122.0	1.0	0.27	0.27	0.01	16.43	7.52	4.70	28.65	5.06
		and	131.0	133.5	2.4	0.02	0.06	0.00	3.19	0.81	0.56	4.56	0.73

 

All lengths are downhole length. True widths are estimated at 85-95% of downhole length.

NiEq % = ( (Ni% x 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb.

Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au

Table 2: Drillhole Collar Coordinates

BHID	Easting	Northing	Elevation	Azimuth	Dip	Depth
MCR-24-068	473148	5141762	297	293	49	165
MCR-24-069	473148	5141762	297	294	65	170
MCR-24-070	473148	5141762	297	303	68	147
MCR-24-071	473148	5141762	297	265	67	155
MCR-24-072	473148	5141762	297	270	55	146

 

*Drillhole Coordinates are in coordinate system NAD 83 Zone 17

At Shakespeare, regional drilling is ongoing, and results have been received for the initial five drillholes testing the Palladium Valley target. The Palladium Valley target area is approximately 8.5km northeast of the Shakespeare Mine and consists of several gabbroic intrusive units similar to the Shakespeare gabbro (Figure 3). Magna confirmed the presence of elevated palladium (Brunne-Turcotte), copper and gold (Main Skarn) mineralization at depth beneath historical surface showings (Table 3). These results support the thesis that the lithologies hosting the Shakespeare Deposit are present at Palladium Valley, are mineralized, and have potential to host similar deposits.

The Shakespeare drill rig has since mobilized to the Stumpy Bay area (600m south of the Shakespeare deposit) and is testing coincident ZTEM and Borehole UTEM geophysical conductors identified in 2023. These geophysical anomalies seem associated with known copper and silver mineralization at and near surface.

Magna is fully funded to complete 25,000 metres of exploration drilling in 2024.

Table 3: Summary of Shakespeare Assay Results

Drillhole	Zone		From (m)	To (m)	Length (m)	Ni %	Cu %	Co %	Pt g/t	Pd g/t	Au g/t	TPM g/t
MPV-24-01	Exploration		1.56	3.00	1.44	0.02	0.01	0.01	0.02	0.10	0.01	0.13
		and	15.88	16.17	0.29	0.02	0.03	0.01	0.02	0.13	0.01	0.16
		and	24.14	24.65	0.51	0.02	0.01	0.01	0.02	0.17	0.01	0.20
MPV-24-02	Exploration		6.00	6.94	0.94	0.01	0.01	0.01	0.02	0.14	0.01	0.17
		and	13.70	16.67	2.97	0.02	0.01	0.01	0.01	0.10	0.02	0.13
		and	23.37	24.00	0.63	0.02	0.01	0.01	0.02	0.08	0.00	0.10
		and	32.86	33.62	0.76	0.02	0.01	0.01	0.02	0.11	0.00	0.14
MPV-24-03	Exploration		85.26	88.74	3.48	0.01	0.42	0.01	0.00	0.00	0.36	0.36
		including	85.26	85.67	0.41	0.00	0.05	0.00	0.00	0.00	1.11	1.12
		including	87.84	88.10	0.26	0.01	2.48	0.01	0.00	0.00	1.59	1.60
		and	91.31	92.55	1.24	0.01	0.62	0.01	0.01	0.00	0.38	0.39
		and	98.44	106.92	8.48	0.01	0.16	0.01	0.00	0.00	0.13	0.14
		including	100.96	102.00	1.04	0.01	0.24	0.02	0.00	0.00	0.31	0.32
		and	110.05	113.74	3.69	0.00	0.23	0.00	0.00	0.00	0.41	0.42
		and	142.85	143.28	0.43	0.00	0.04	0.02	0.00	0.00	1.83	1.83
		and	158.70	160.00	1.30	0.01

FAQ

What are the highlights of the new assay results from Magna Mining Inc.'s 2024 exploration program at Crean Hill?

The highlights include 0.7% Ni, 2.4 % Cu, 9.7 g/t Pt + Pd + Au over 26.3 metres in MCR-24-068, 0.3% Ni, 0.3 % Cu, 10.7 g/t Pt + Pd + Au over 28.5 metres in MCR-24-069, and 1.6% Ni, 5.2 % Cu, 10.0 g/t Pt + Pd + Au over 17.1 metres in MCR-24-070.

What is the significance of the drilling results at Crean Hill for Magna Mining Inc.?

The drilling results help define the high-grade core of the 109 Footwall Zone, indicating the presence of massive sulphide veins with good continuity and broader precious metal mineralization.

What recent developments has Magna Mining Inc. announced related to the Crean Hill project?

Magna announced the filing of the Crean Hill Closure Plan and the signing of the Definitive Offtake Agreement, positioning the company for further exploration and development activities.

How is Magna Mining Inc. planning to utilize the assay results from the recent drilling program?

The assay results will be incorporated into the design of the test mining program, with potential execution within 18 months of program commencement due to the relatively shallow depths of the drill intersections.

What are the future exploration plans for Magna Mining Inc. at Crean Hill?

The next phase of drilling aims to extend the strike of the current mineral resource to the south, focusing on areas with historical channel samples indicating low sulphide precious metal mineralization.